Russian authorities told people not to panic on Tuesday as the battered ruble plunged to record lows. The Russian national currency fell to a record level of 38.82 rubles per dollar after weakening on Monday to below 38 against the dollar for the first time. September 15, MICEX session opened with rapidly plummeting ruble against the U.S. dollar, euro and dollar/euro basket. So, the ruble was trading at 0.55 against the U.S. dollar and 0.45 against the euro. In early deals, both the greenback and euro rose 20-30 kopecks; as a result, both currencies passed the psychological level. So, the ruble exchange rate was over 49 versus the euro and over 38 versus the U.S. dollar. However, the rally of the American and European currencies is not over yet. The U.S. dollar exchange rate is forecasted to reach 38.038 rubles. Likewise, the euro exchange rate is expected to be 49.2745 rubles. "The ruble has come under renewed fire over the past few weeks. Since the start of September, it has fallen by four percent against the dollar and three percent against its dollar/euro basket," said Capital Economics. "The latest drop means that the ruble has now fallen by 15 percent against the dollar since the start of the year, the biggest fall of any major emerging market currency with the exception of the Argentine peso." Banking analyst Mikhail Kuzmin of Investcafe.ru said the central bank did not have the necessary firepower to stop the ruble's slide, even if it wanted to do so. “To prop up the ruble exchange rate, you need very significant resources," he made a comment. “But the weak ruble stands to benefit exporters, particularly those selling oil for dollars, which will increase budget revenues,” Kuzmin said.